Overview: Month End Close

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Month End Close Defined Month End Transactions and Processes Typical Month End Close Cycle

FY '11 Month End Close Deadlines FY '12 Month End Close Deadlines

Month End Close Defined

Month end close is performed to finalize a snap shot of transactional activity for a period. Most processes run at month end are also run on a daily and/or weekly basis. For month end, these processes are performed for the last time for a particular month to ensure that all transactions are posted and reflected on reports. The month is officially closed when all of the month end processes are complete (including posting.)

Month End Transactions and Processes

The month being closed remains open for six additional business days in the new month in order to process all prior month transactions. Additionally, many iJournals and core journals can only be generated after the last calendar day of the month. Following is a summary of activities that occur during the 6-day close period:

Accounts Payable activity for the prior month is completed by the end of the first day of the new month. End of month payroll data is received by Financial Information & Reporting Systems on the 3rd business day. iJournals (including uploads) are imported daily. Costing and burdening are performed daily in Grants Accounting (GA). General Ledger (GL) journals are also imported and posted daily. The GL Mass Allocation processes for Endowments and Student Loans are run at month end as they depend on the above items to be done first. Also, in GA, the revenue process is run at month end primarily to save space in the GL tables (this is an ITSS preference, not a system requirement). The majority of month end activity involves cleaning up transactions that are stuck from iJournals and processing incoming transactions.

Typical Month End Close Cycle

Day 1 Month End Close Begins

Who

What

Sponsored Projects, Fund Accounting, Capital Accounting

Beginning 7:00 am, Blackout period for closing PTA's (i.e. change from "Active" to "Closed")

Financial Information & Reporting Systems Schools and Departments

OOD Gift File processed and posted in GL

Owning organization code change requests due to Central Offices See Update PTA Roles / Owning Attributes (for single PTA or mass updates)

Accounts Payable Processors

8:00 pm, Oracle AP module closed. No invoice payment transactions allowed.

Day 2

Who

What

Financial Information & Reporting Systems

Contributed capital process generated, journal entry submitted and posted

Day 3

Who

What

Sponsored Research, Capital Accounting, and Fund Accounting

Approved owning organization code change requests due to Financial Information & Reporting Systems from Central Offices

Financial Information & Reporting Systems

Payroll, PeopleSoft Feeders and Student Commitment Feeder Files processed in Oracle

Day 4

Who

What

Staff with iJournals Public responsibility

7:00 am, cutoff for creating iJournals

See Quick Steps: Create or Upload an iJournals

Staff with iJournals Specialist & Central (including Feeders) responsibility

5:00 pm, cutoff for creating or uploading iJournals, Feeders or iBudget Fund Transfers See Quick Steps: Create or Upload an iJournals

Staff with iBudget responsibiliy Labor Distribution Adjusters

5:00 pm, cutoff for salary distribution adjustments for current month See Quick Steps: Create Salary Adjustment in LD

Transaction Approvers

5:00 pm, cutoff for approving iJournals (all types) and salary distribution adjustments See Quick Steps: Review Journal Entries (Feeder Journals)

Financial Information & Reporting Systems

See Quick Steps: Review and Approve Labor Distribution Adjustments

All prior month iJournals not approved by the 5:00 pm deadline are swept to the current month.

Central Offices

GL Mass Allocation process run for student revenue

Capital Accounting (fixed assets) journal entries submitted and posted

Day 5

Who

What

Core Journals Users (Controller's Office and

5:00 pm, cutoff for creating and approving Core Journals

Day 5

Who ORA)

What

Financial Information & Reporting Systems

GL Mass Allocation process run for endowments and student loans Owning organization changes and PTA attributes processed

Account Receivable Processors

Streamline Billing Program ran previous night; Generate Draft Revenue processed

12:00 pm, cutoff for AR Applied Payments

11:59 pm, Oracle AR Module closed. No receivable transactions allowed.

Capital Accounting

11:59 pm, Oracle FA Module closed

Day 6

Who

What

Financial Information & Reporting Systems

11:59 pm, Oracle GA and GL modules closed

Day 7

Who

What

Sponsored Projects, Fund Accounting, and Capital Accounting

After 7:00 am, PTA status changes can begin again. See Overview: PTA Request Process, Close PTA

Oracle Financials Reporting Users (i.e. ReportMart3)

Daily expenditure reports and fund reports available online, reflecting month end close transactions

See status of ReportMart3 data